Public Act 096-0005
 
HB0289 Enrolled LRB096 04276 JAM 14322 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. If and only if House Bill 210 of the 96th
General Assembly becomes law, the General Obligation Bond Act
is amended by changing Sections 2 and 4 as follows:
 
    (30 ILCS 330/2)  (from Ch. 127, par. 652)
    Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $30,693,149,369
$27,693,149,369.
    The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
    Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
    Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
    Of the total amount of Bonds authorized in this Act, the
additional $10,000,000,000 authorized by this amendatory Act
of the 93rd General Assembly shall be used solely as provided
in Section 7.2.
    The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 95-1026, eff. 1-12-09.)
 
    (30 ILCS 330/4)  (from Ch. 127, par. 654)
    Sec. 4. Transportation. The amount of $8,313,399,000
$5,313,399,000 is authorized for use by the Department of
Transportation for the specific purpose of promoting and
assuring rapid, efficient, and safe highway, air and mass
transportation for the inhabitants of the State by providing
monies, including the making of grants and loans, for the
acquisition, construction, reconstruction, extension and
improvement of the following transportation facilities and
equipment, and for the acquisition of real property and
interests in real property required or expected to be required
in connection therewith as follows:
    (a) $5,432,129,000 $3,432,129,000 for State highways,
arterial highways, freeways, roads, bridges, structures
separating highways and railroads and roads, and bridges on
roads maintained by counties, municipalities, townships or
road districts for the following specific purposes:
        (1) $3,330,000,000 for use statewide,
        (2) $3,677,000 for use outside the Chicago urbanized
    area,
        (3) $7,543,000 for use within the Chicago urbanized
    area,
        (4) $13,060,600 for use within the City of Chicago,
        (5) $58,987,500 for use within the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will, and
        (6) $18,860,900 for use outside the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will, and .
        (7) $2,000,000,000 for use on projects included in
    either (i) the FY09-14 Proposed Highway Improvement
    Program as published by the Illinois Department of
    Transportation in May 2008 or (ii) the FY10-15 Proposed
    Highway Improvement Program to be published by the Illinois
    Department of Transportation in the spring of 2009; except
    that all projects must be maintenance projects for the
    existing State system with the goal of reaching 90%
    acceptable condition in the system statewide and further
    except that all projects must reflect the generally
    accepted historical distribution of projects throughout
    the State.
    (b) $2,529,670,000 $1,529,670,000 for rail facilities and
for mass transit facilities, as defined in Section 2705-305 of
the Department of Transportation Law (20 ILCS 2705/2705-305),
including rapid transit, rail, bus and other equipment used in
connection therewith by the State or any unit of local
government, special transportation district, municipal
corporation or other corporation or public authority
authorized to provide and promote public transportation within
the State or two or more of the foregoing jointly, for the
following specific purposes:
        (1) $1,433,870,000 statewide,
        (2) $83,350,000 for use within the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will,
        (3) $12,450,000 for use outside the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will, and .
        (4) $1,000,000,000 for use on projects that shall
    reflect the generally accepted historical distribution of
    projects throughout the State.
    (c) $351,600,000 for airport or aviation facilities and any
equipment used in connection therewith, including engineering
and land acquisition costs, by the State or any unit of local
government, special transportation district, municipal
corporation or other corporation or public authority
authorized to provide public transportation within the State,
or two or more of the foregoing acting jointly, and for the
making of deposits into the Airport Land Loan Revolving Fund
for loans to public airport owners pursuant to the Illinois
Aeronautics Act.
(Source: P.A. 91-39, eff. 6-15-99; 91-239, eff. 1-1-00; 91-712,
eff. 7-1-00; 92-13, eff. 6-22-01.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 4/3/2009